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Barrette launches $125 million incremental loan at 99.5-99.75 OID
By Sara Rosenberg
New York, Feb. 24 – Barrette (LEB Holdings (USA) Inc.) was scheduled to hold a lender call at 2 p.m. ET on Wednesday to launch a fungible $125 million incremental covenant-lite first-lien term loan (B2/B) due November 2027 that is talked with an original issue discount of 99.5 to 99.75, according to a market source.
Pricing on the incremental term loan is Libor plus 400 basis points with a 25 bps step-down at 3.65x first-lien net leverage and a 0.75% Libor floor, in line with existing term loan pricing.
The incremental term loan, like the existing term loan, has 101 soft call protection through May 2.
Credit Suisse Securities (USA) LLC is the lead on the deal.
Commitments are due at 5 p.m. ET on Tuesday, the source added.
Proceeds will be used for general corporate purposes, including mergers and acquisitions.
Barrette is a manufacturer and distributor of wood alternative fence, railing and other outdoor living products.
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